Texas oil production set a new record in 2018. Tipro said the states oil wells produced 1.54 billion barrels of crude in 2018. The highest output since 1973. Things may only get better for producers. The EIA expects the U.S. to produce 13.2 million barrels per day through 2019 and 2020. That would also set a record. The EIA administrator attributed the boost in part to growth from the Permian and output from the Gulf of Mexico.
Even more good news concerning prices. At NAPE Summit 2019 this week in Houston, Nicole Leonard, Senior Energy Analyst, with S&P Global Platts told the business conference WTI prices are primed to rise above $70 by the end of 2019.
Also this week we saw a lot of debate about the Green New Deal, the non-binding resolution put forth by Representative Alexandria Ocasio-Cortez and Senator Ed Markey. There’s been a lot of criticism, and some support. I spoke over the phone with Tom Pyle, president of the American Energy Alliance about the resolution. Following our interview, we reached out to the Environmental Defense Fund for their thoughts on the resolution. Elizabeth Gore, senior vice president of political affairs sent a statement saying in part, “We must achieve net zero climate pollution across the economy by 2050 – that’s the benchmark that scientists tell us is necessary to safeguard our kids’ future. The array of climate goals in the Green New Deal, including the goal of 100% clean energy in the electric power sector, will accelerate us down that path.”
The Green New Deal aims to accomplish its goals much earlier -- by 2030. Gore also said the Green New Deal has brought new energy to the climate debate. Gore’s full statement is below. Senate Majority Leader Mitch McConnell said the Senate would vote on the Green New Deal.
Statement on the Green New Deal by Elizabeth Gore, EDF Senior Vice President, Political Affairs
“The Green New Deal has brought new energy to the climate debate, and introduction of these resolutions from Sen. Ed Markey and Rep. Alexandria Ocasio-Cortez is another significant step forward. The Green New Deal points to the need for boldness and ambition at a time when they are sorely required – and it is generating thoughtful ideas and building real political momentum. We applaud the sponsors for taking a leadership role in this important debate.
“We must achieve net zero climate pollution across the economy by 2050 – that’s the benchmark that scientists tell us is necessary to safeguard our kids’ future. The array of climate goals in the Green New Deal, including the goal of 100 percent clean energy in the electric power sector, will accelerate us down that path.
“EDF believes that in order to cut climate pollution as far and as fast as the science demands we must use all available tools. That includes policies that require polluters to pay for the pollution they emit and policies that create incentives for better and cheaper technologies, all backed by mandatory limits on climate pollution. We will also need stronger health and environmental safeguards, agricultural and land use innovations, and investment in research and development for new technologies to reduce pollution and to capture and store carbon.
“We look forward to working with the sponsors of the Green New Deal – and all those across the political spectrum working towards climate solutions – to transform our economy and achieve a healthier, more equitable and prosperous future.”
- Elizabeth Gore, EDF Senior Vice President, Political Affairs
The acquisition of Haynesville gas gathering assets from Momentum Midstream and Indigo Natural Resources “checks all of our boxes,” DTE Energy CEO says.
Michael Pearl succeeds Jaime R. Casas who has transitioned to vice president and Treasurer of Occidental Petroleum.
Schlumberger NV beat Wall Street estimates for profit on Oct. 18, in the first quarter under Olivier Le Peuch, as higher international drilling activity boosted demand for its equipment and services and helped counter weakness in North America.